Uranium got a boost in federal recognition this fall, and a company planning to develop in Wyoming hopes that means dollars will follow.
In November, the federal list of critical minerals was revised to include uranium. Critical minerals are “essential for national security, economic stability, and supply chain resilience because they underpin key industries, drive technological innovation, and support critical infrastructure vital for a modern American economy,” according to the U.S. Department of Interior.
While Uranium is abundant in the world, the U.S. doesn’t have a large domestic production. That became abundantly clear when Russia’s invasion of Ukraine put Russian imports in question right as the U.S. nuclear power plant industry was attempting to ramp up. About 43% of the world’s uranium comes from Kazakhstan, which is then processed for nuclear power plant fuel in Russia.
“If 43% of the world's uranium goes offline, then the U.S. is really in a bind,” said Thomas Lamb, CEO of Myriad Uranium which is scouting a future mining site near Shoshoni, Wyo. “So, you do need to ramp up your uranium sector inside the U.S., because that is a distinct possibility.”
Lamb said the U.S. classifying uranium as a critical mineral now prioritizes projects like his – both for permitting and funding.
“Investors, sophisticated groups that understand what's going on, government agencies, they answer the phone [now],” he said. “It used to be you call and call, nobody answers, and nobody cares. But now they answer. Now the instructions have come on, from come down, from on high, that we need to advance this.”
Lamb said he hasn’t received federal funding yet, as the new classification is about two months old.
“Money doesn't just start falling from the sky, unfortunately, that would just be great,” he said.
For the past couple years, Myriad Uranium has drilled holes into a long desert hillside called Copper Mountain, just outside of Shoshoni. The mineral exploration company is collecting data on where the uranium is and how recoverable it is. In October, they secured their next necessary federal permit to continue that research.
Lamb hopes his project will help rejuvenate the U.S.’s uranium industry. The U.S. was the world’s top uranium producer from the early ‘50s until 1980. But economics and safety concerns forced the industry into a bust cycle.
He added that the industry has its eyes on Wyoming, as the geology lends itself to rich resources. A recent federal report shows that three of the nation’s five active domestic uranium mines are in Wyoming. Another potential uranium mining project is in talks for about 2,000 acres stretching between Fremont and Sweetwater counties.
Lamb noted that the U.S. uranium supply likely won’t be able to financially compete with the global supply. He added that uranium currently trades around $75 per pound on the global market, but that to make U.S. productions feasible it’ll need to be closer to $120 per pound.
“The U.S. is starting on its back foot, but that's what all this government investment is for, is to change that from a strategic point of view,” he said.
While ramping up domestic uranium mining is key, the next part of the puzzle is producing it into fuel. In mid-December, Wyoming announced $100 million in state funds to support BWXT’s proposed nuclear fuel manufacturing facility near Gillette. The company, which is based in Virginia, hopes to produce a fuel called TRISO. According to the U.S. Department of Energy, TRISO is made up of tiny uranium, carbon and oxygen kernels. They can withstand the much higher temperatures required in the next generation of nuclear reactors. If successful, the facility will be up and running by 2030.
BWXT is the first recipient of Wyoming’s Large Project Energy Matching Fund, which is managed by the Wyoming Energy Authority. The governor has the final say on approval of projects, which has been a point of contention in recent legislative sessions.
State leaders are championing the nuclear and uranium industries as a way to boost state coffers and jobs, as well as support Pres. Trump’s ‘energy dominance’ agenda. However, there are environmental concerns. Wyoming’s uranium boom in the ’50s left water on the Wind River Reservation contaminated with radioactive waste. Repercussions are still felt today.
